Updates

02/21/11
The lead line in the Manufacturing & Technology News article about General Electric CEO Jeffrey Immelt -- "A downturn in the U.S. economy shouldn't hurt General Electric" -- raises questions about the destruction of the United States economy and the dark side of globalization. It suggests that the decades-old concept of what is good for the country's leading companies is good for the nation is dead. The mutually beneficial relationship between companies and the American society is gone.
02/19/11
American consumers have no idea that the majority of the over-the-counter drugs they buy come from China, where there are few regulations. The increasing dependence on China for active pharmaceutical ingredients and nutritional supplements is of growing concern. China is the world's largest manufacturer of bulk drugs and nutritional supplements and is now exporting a large portion of its production to the United States.
02/18/11
By Arthur Stamoulis The biggest “free trade” agreement since NAFTA is about to hit the floor of Congress. On February 9, U.S. Trade Representative Ron Kirk testified before the House Ways & Means Committee that the White House will be submitting the Korea Free Trade Agreement for a vote within the next few weeks. The Korea FTA was negotiated and signed in 2007, but President Bush was never able to get it through Congress. President Obama campaigned against it during his bid for the White House, but recently dusted it off and has been running with it as his own. This despite the fact that even the federal government’s own International Trade Commission (ITC) predicts that the Korea FTA will increase the overall U.S. trade deficit — meaning more job loss at a time when the country can least afford it.
02/18/11
Washington — Teamsters General President Jim Hoffa, in a break from the Obama administration and the United Auto Workers union, opposes the Korea Free Trade Agreement. The administration plans to formally submit the revised agreement to Congress in the coming weeks. "Though the revised agreement is much improved, it still falls short," Hoffa said in a statement today. "After careful review and discussion, we have concluded we cannot support this trade agreement."
02/17/11
Technological breakthroughs with the potential to create millions of jobs are stuck in bureaucratic hell - a backlog of 1.2 million patent applications yet to be reviewed. "Hundreds of thousands of groundbreaking innovations are sitting on the shelf literally waiting to be examined," says Patent Office chief David Kappos. And how many jobs are left unborn with them? "Millions," said Kappos. "Millions of jobs." This stunning revelation is contained in a memo to the President from a high-tech entrepreneur with a 35-year $8 billion record of creating wealth and jobs. His other advice to our chief executive: the biggest job killer is the systematic offshoring of our high-tech manufacturing. Read the whole memo.
02/17/11
The nation’s biggest labor and business groups came together on Wednesday to urge Congress to find a new source of funding for infrastructure projects, possibly through an increase to the gas tax. AFL-CIO President Richard Trumka and U.S. Chamber of Commerce President Thomas Donohue joked about their unlikely partnership but said they are serious about finding a way to provide long-term funding for the nation’s highways, bridges, railways and ports.
02/17/11
The facts are clear: for 30 years U.S. jobs that are lost to imports do not move automatically to higher wage, more productive employment. Most re-employment moves down sharply to far less productive, lower wage employment that does not face imports and cannot be exported. Most U.S. economic destruction is not "creative" but simply and mindlessly destructive. Poorly regulated global commerce now undermines productivity and requires soaring debt to maintain much less to improve U.S. living standards.
02/16/11
The airliner is billions of dollars over budget and about three years late. Much of the blame belongs to the company's farming out work to suppliers around the nation and in foreign countries. The biggest mistake people make when talking about the outsourcing of U.S. jobs by U.S. companies is to treat it as a moral issue. Sure, it's immoral to abandon your loyal American workers in search of cheap labor overseas. But the real problem with outsourcing, if you don't think it through, is that it can wreck your business and cost you a bundle. Case in point: Boeing Co. and its 787 Dreamliner.
02/16/11
SPOONS and forks, the metal flatware that everyone uses, are no longer made in the United States. The last factory in an industry stretching back to colonial times closed eight months ago in Sherrill, N.Y., a small community in the foothills of the Adirondacks, and 80 employees lost their jobs.
02/16/11

To put Americans back to work, the federal government must change tax policies and create incentives for companies to build new factories in America instead of Asia, according to Paul Otellini, CEO of Intel Corp, the computer chip maker.

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